The information collection consist of reporting, recordkeeping, and disclosure requirements under subpart C (Nonpublic Information Made Available to Supervised Financial Institutions, Governmental Agencies, and Others in Certain Circumstances) of Rules Regarding Availability of Information (12 CFR Part 261). Subpart C contains reporting requirements that enable third parties to request the Boardâs authorization to access, use, or further disclose confidential supervisory information or other nonpublic information of the Board, and that ensure that the Board is notified when any subpoena or other legally enforceable demand requires production of confidential supervisory information or other nonpublic information of the Board in the form of documents or testimony. Subpart C also contains one recordkeeping requirement related to a provision that allows supervised financial institutions to disclose confidential supervisory information to service providers if the disclosure is deemed necessary to the service providerâs provision of services, and two disclosure requirements that apply when individuals are served with a subpoena, order, or other judicial or administrative process requiring the production of confidential supervisory information or other nonpublic information of the Board in the form of documents or testimony.
The delegation of authority to the Board from OMB that permits the Board to approve collections of information under the PRA includes the authority to temporarily approve a collection of information without seeking public comment. To exercise this authority, the Board must determine that a new collection of information or a change to an existing collection must be instituted quickly and that public participation in the approval process would defeat the purpose of the collection or substantially interfere with the Boardâs ability to perform its statutory obligation. Following the temporary approval of an information collection, the Board must conduct a normal delegated review of the collection within six months, including publishing in the Federal Register a notice seeking public comment.
The Board has temporarily approved the collections of information contained within subpart C of 12 CFR Part 261 under the title FR 4035. The Board has determined that this collection of information must be instituted quickly and that public participation in the approval process would defeat the purpose of the collection of information and substantially interfere with the Boardâs ability to perform its statutory obligations. In particular, the Board has determined that because the reporting and disclosure requirements are existing requirements that facilitate the Boardâs processing of requests to access and use the Boardâs confidential supervisory information, the Boardâs ability to perform its statutory responsibilities relating to the disclosure, production, or withholding of the Boardâs information would be diminished if the Board were unable to enforce the collections of information contained within subpart C due to possible noncompliance with the PRA.
US Code:
12 USC 326
Name of Law: Federal Reserve Act
This is a new collection. The estimated total annual burden for the FR 4035 is 134 hours. The estimated total annual burden is based on the average number of requests the Board received in connection with the types of requests covered by sections 261.22(c), 261.23(b), and 261.23(c) in 2017, 2018, 2019, and the average number of notices the Board received pursuant to the notice requirement covered by section 261.24(a)(1) in 2017, 2018, and 2019. Although these provisions were recently modified by the Board, the Board does not believe that the number of requests and notices made pursuant to those sections will materially change due to those modifications. Furthermore, the estimated annual burden hours with respect to the new recordkeeping requirement under section 261.21(b)(4) is based on the average number of requests the Board received in 2017, 2018, 2019 from supervised financial institutions to disclose confidential supervisory information to their service providers.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
FR4035_20201029_omb_emergency.pdf
Disclosure Section 261.24(a)(3)